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As these old saying goes, >“not your keys, not your coins”.
I've had some of my friends asked me these question several times where is the best and safest place to store their digital asset so base on my several years of being in the crypto space I made some basic research from several portfolio online, here are some of my finding on where and how to store your crypto asset safely.
Your Crypto coins and token are generally to be stored on your wallet and not kept on an exchange.
There are reasons why I see it more safe for users to basically store their crypto asset on their wallet although having your coins in a wallet it can also be prone to phishing or cyber attack but the truth is an exchange platform is more vulnerable and more prone to attack than a single wallet.
Statistically there have been multiple exchange platform that have been either hacked or breached which have lead to loss of multiple loss of capital which most likely are non refundable.
This means that technically speaking when you have your coins on an exchange, you don’t actually own any coins.
Instead what you have is an "I owe you" (IOU) from the exchange it's an informal document acknowledging debt. here a link to know more about [IOU](https://en.m.wikipedia.org/wiki/IOU#:~:text=An%20IOU%20(abbreviated%20from%20the,as%20the%20time%20of%20repayment.)
There are other chance your fund can be frozen from an exchange platform or an exchange refusing to return your fund due to some regulatory issues, it's always advisable if you did prefer using exchange to store your crypto asset integrate use of strong password and 2FA authentication.
Having your Crypto coins in your wallet reduce risk, and you're immune from many risk although if you did not backup your phrase keys you may likely loss all your asset when your device or computer got missing also it necessary to keep your device updated so as to avoid malware and antivirus attack on your software.
Your suggestion and recommendation on where users should best store their crypto currency will be of much help in the comment section please do share and upvote to help reach a wide audience.
Originally written by me here
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